EDIT UPDATE - WAS JUST NOTIFIED THAT OPM HAS FINALIZED MY CASE - 2 MONTHS & 2 DAYS FROM START OF RETIREMENT!!
Just retired and it's great!! There is a weight that I feel has been lifted - odd thing is that I did not realize it was even there until it was gone. 29.5 years with one agency, 10 months 5 days sick leave, age 62 for FERS 1.1 multiplier. 50% survivor benefit. Boyers processing.
5/31/18 Date of retirement FERS
6/14/18 DFAS Retirement data sent to OPM (estimated date - I cant find the letter)
6/21/18 Received final paycheck with Lump Sum Leave Payment
6/27/18 Notification of Retirement Received by OPM
6/27/18 CSA number assigned
6/29/18 Retirement Application Received
7/2/18 OPM informed TSP of retirement
7/12/18 Received notice of interim payment
7/16/18 Services Online temp password
8/1/18 First interim payment deposited
XXXXXX Assigned to Specialist - OPM SKIPPED THIS AND JUST FINALIZED THE CASE
8/2/18 Notice retirement finalized
?? Back pay deposit
I have also received my first TSP distribution (about 4% of acct total to be withdrawn per yr, funds staying in TSP) and my first Social security checks at the end of July. Do the calculation for Social Security - my break even point is when I am around age 77. The breakeven happens when the amount of money you received from age 62 is equal to the amount collected at some later date at a higher pay rate (presumably starting at age 66). I can live just fine with the reduced amount when taking it at age 62. I figure it is better to get the extra money when I can best use it - my younger and healthier years (I hope).
By my calculations, I am putting approx 1% more money in pocket during retirement as opposed to working. This is possible because a lot of the paycheck deductions no longer apply in retirement (such as TSP savings, SSI and the like). When I retired, I was actually paying Uncle Sam $0.41/hr to work. This figure is calculated by comparing my total (estimated) post tax take home retirement income from all collectible sources (FERS+TSP+SS) to my take home while working. It was worth it just to reach the age 62 1.1 multiplier. Do that calc for yourself if you are on the fence about retirement. I showed it to 3 other coworkers, and they quickly decided to bail.
Edited by user Friday, August 3, 2018 3:58:47 AM(UTC)
| Reason: Not specified